By Senior Advisor Andrew Schaetzke, CFP®.
As we are growing up, we rely on our parents for so many things, such as shelter, food, money, and love. As we become adults, we usually rely on our parents less and less. At the same time, many children want to help their aging parents, or parents may even need help as they grow older.
Unfortunately, helping parents plan for the future has become an increasingly pressing concern. Largely due to effects of the COVID-19 pandemic, the average life expectancy for Americans has declined over the last couple years.[1]
By creating plans ahead of time, you can help your parents feel more prepared and ease their burdens should they experience any troubles. There are many financial matters that you can potentially assist your parents with, including:
Planning for the desired quality of assisted living conditions and care that they may want and need as they grow older
Managing their bills, particularly relating to insurance and medical expenses
Organizing their documents, passwords, and other important information
Developing their estate plan
Tax planning
To help you assess ways that you can assist your parents with financial matters, we provide the resource below. As always, we are here to help your family throughout your financial journey. We can provide resources, experience, and strategies that may be valuable to you. Please feel free to reach out to us if you have any questions.
Important Disclosure Information & Sources:
[1] “Provisional Life Expectancy Estimates for 2021“. Elizabeth Arias, Betzaida Tejada-Vera, Kenneth D. Kochanek, & Farida B. Ahmad, August 2022, cdc.gov.
There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results. Diversification neither assures a profit nor guarantees against a loss in a declining market.
Advisory services are provided by SJS Investment Services, a registered investment advisor (RIA) with the SEC. Registration does not imply a certain level of skill or training. SJS Investment Services does not provide legal or tax advice. Please consult your legal or tax professionals for specific advice.
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